4.) Describe the role of government in a market economy, including promoting and securing competition, protecting private property rights, promoting equity, providing public goods and services, resolving externalities and other market failures, and stabilizing growth in the economy.

 Explaining how government regulation and deregulation policies affect consumers and producers

 Explaining how overall levels of income, employment, and prices are determined by spending decisions of households, businesses, and government; net exports in the short run; and production decisions of firms and technology in the long run

 Identifying structural, cyclical, and frictional unemployment

 Describing stages of the business cycle and how employment and inflation change during those stages